Money & Finance

President Biden seeks to refocus US foreign policy towards Asia, but Russia's invasion of Ukraine complicates the strategic pivot. An upcoming call with Chinese President Xi Jinping aims to manage bilateral competition and discuss Ukraine, reflecting the intricate global geopolitical landscape.

U.S. chipmaker Intel announces an ambitious €80 billion investment across Europe to expand semiconductor manufacturing and research. CEO Pat Gelsinger highlights the global demand for chips, with planned production sites and R&D centers in Germany, Ireland, France, and Italy over the next decade.

Russia's invasion of Ukraine has fundamentally transformed NATO's strategic approach, forcing a critical re-evaluation of military positioning and diplomatic relations that were established in the post-Cold War era of perceived cooperation.

The Council of Europe voted to expel Russia from its human rights body, citing Moscow's invasion of Ukraine. In a symbolic gesture, staff removed the Russian flag from headquarters in Strasbourg, marking an unprecedented end to Russia's 26-year membership in the continental organization.

Asian shares gained ground on Wednesday, with Japan's Nikkei 225 jumping 1.7% and Hong Kong's Hang Seng rising 2.1%. Investors are anticipating the U.S. Federal Reserve's expected 0.25 percentage point interest rate increase, marking the first hike since 2018.

President Joe Biden will visit Europe next week for crucial talks with European leaders about the ongoing Russian invasion of Ukraine. He will attend an extraordinary NATO summit in Brussels on March 24, focusing on sanctions, humanitarian efforts, and coordinating international support for Ukraine.

The European Union and United Kingdom expanded sanctions against Russia, targeting high-end items like pure-bred horses and truffles, while blocking Russian access to global financial ratings and steel markets. These measures aim to isolate Russia economically and limit its resources for continuing military actions.

Asian stocks declined on Tuesday, with MSCI's Asia-Pacific index falling 1.97%, driven by concerns over the Ukraine war, potential U.S. interest rate hikes, and China's rising COVID-19 cases. Chinese stocks showed pronounced weakness, reflecting broader market uncertainty and economic challenges.

A World Bank official highlights how Russia's invasion of Ukraine could reduce growth by a full percentage point for countries like China, Indonesia, South Africa, and Turkey. The war exacerbates existing economic challenges from the COVID-19 pandemic, including debt and inflation uncertainties.

President Biden announces complete ban on Russian oil imports as a response to Ukraine invasion, emphasizing solidarity with Ukrainian President Zelenskyy and potential economic consequences for American consumers.